Amidst hushed tones on Wall Street, investors linger on the sidelines, eagerly awaiting insights into monetary policy with the Federal Open Market Committee (FOMC) meeting looming at 2 p.m. ET. Fed Chief Jerome Powell is primed to address the crowd post-statement at 2:30 p.m.
Although rates are slated to stay put at 5.25%-5.5%, all eyes are on the updates to the Fed’s economic forecasts, especially the dot plot, unravelling the potential trajectory of upcoming rate adjustments.
The consensus amongst investors and economists points to a trifecta of rate cuts for 2024. However, whispers of a hawkish pivot echo through the market, hinting at a toned-down projection for future rate cuts after recent inflation surprises.
As noon creeps in on New York’s trading floor, both equity benchmarks and Treasury yields maintain a tranquil facade, with marginal movements. Sectors show minimal reactions to minor fluctuations, save for energy stocks, which experience a slight retreat following a 1.9% dip in oil prices.
Bitcoin BTC/USD stages a resurgence, climbing 3% to $63,600, reclaiming lost ground after plummeting to $60,000 overnight.
Performance Snapshot: Leading Equity Indices and ETFs Today
| Major Indices | Price | 1-day %chg |
| Russell 2000 | 202.24 | 0.1 % |
| S&P 500 | 5,181.36 | 0.1% |
| Dow Jones | 39,128.00 | 0.0% |
| Nasdaq 100 | 18,027.15 | 0.0% |
As per Benzinga Pro data, the SPDR S&P 500 ETF Trust SPY maintains equilibrium at $515.71, the SPDR Dow Jones Industrial Average DIA holds firm at $391.07, and the tech-savvy Invesco QQQ Trust QQQ steadies at $438.80.
In today’s sectoral tango, the Financials Select Sector SPDR Fund XLF emerges as the belle of the ball, dancing up 0.6%, while the Energy Select Sector SPDR Fund XLE and the Health Care Select Sector SPDR Fund XLV play the part of wallflowers, both dipping by 0.6%.
Notable Movers and Shakers
- Intel Corp. INTC inches down by 0.3%, despite the Biden administration’s nod granting the chipmaker an $8.5 billion allowance towards chip plant expansion across four states.
- Spotify Technology S.A. SPOT gains nearly 1.5% following Bank of America’s price target upgrade, soaring from $265 to $315 for the music streaming sensation.
- Crocs Inc. CROX rallies 3% after a bullish surge in price target by Bank of America from $140 to $150.
- Tencent Music Entertainment Group TME ascends over 4% post-Goldman Sachs’ promotion from Neutral to Buy for the music giant.
- Spirit AeroSystems SPR skyrockets by close to 7% following whispers of a possible reunion with Boeing Co. BA, hinted at by Brian West, Boeing’s CEO.
- Chipotle Mexican Grill Inc. CMG surges 4% on reports of a forthcoming 50-for-1 stock split approved by the restaurant chain’s board.
- Equinix Inc. EQIX slides by over 4% post-release of a report by short-seller Hindenburg, alleging accounting irregularities.
Delve Deeper: Excitement Abounds At 2-Year High For Investors, Yet Discord Over AI, and the Curious Case of the Magnificent 7 Bubble: Does The Great Rotation Beckon?
Image Credits: Shutterstock and Federal Reserve Flickr.
